Marengo, Mchenry County, Illinois Property Taxes
Median Marengo, IL effective property tax rate: 2.54%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Marengo, IL home value: $225,654
Median annual Marengo, IL tax bill: $5,723, $3,323 higher than the national median property tax bill of $2,400.
How are property taxes in McHenry calculated?
Property taxes in Marengo, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Marengo’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Marengo, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Marengo, Mchenry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.54%
Estimate Property Tax Bill
$5,732
$5,319
Property Tax Rates Across Marengo, Mchenry County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.
In Marengo, located in McHenry County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. This reflects the county's approach to balancing its budget with the assessed value of properties. Illinois, known for its higher-than-average property taxes, often sees rates that surpass the national median. This can impact homeowners significantly, as property tax bills in Marengo are likely higher than the national median bill of $2,400.
Comparing Marengo’s effective property tax rate to other cities in Illinois and the median property tax rates nationally provides valuable insight into the local tax landscape. Understanding these differences can help homeowners make informed decisions about property investments and tax appeals.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Marengo Taxx Rate
2.54%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Mchenry County Taxx Rate
2.75%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Mchenry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | 2.22% | 2.37% | 2.54% | 2.73% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Mchenry County, Illinois
When examining property taxes in Marengo, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McHenry County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In McHenry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Marengo. For example, the median home price in Marengo is $225,654, with tax bills ranging significantly across the county. Zip code 60152 has the highest median home price at $225,654.
Property Tax Assessment Values Across Marengo, Mchenry County, Illinois
Source: Ownwell
$134,019
$378,264
$622,508
Median Marengo Market Value
$225,654
Median Mchenry County Market Value
$241,654
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Marengo, Mchenry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $128,293 | $164,360 | $225,654 | $301,035 | $385,389 |
Source: Ownwell
Property Tax Bills Across Marengo, Mchenry County, Illinois
In Marengo, located in McHenry County, Illinois, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $225,654, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners may find themselves paying a tax bill that ranges from the 25th percentile at $4,209 to the 75th percentile at $7,573, with some reaching as high as the 90th percentile at $9,491. Compared to the national median property tax bill of $2,400, Marengo's tax bills are notably higher, indicating a significant financial burden for homeowners.
Ownwell can assist homeowners in Marengo by appealing their property tax assessments, potentially reducing their tax bills. By analyzing the local market and assessment practices, Ownwell identifies discrepancies and presents a case to lower the assessed value. This service not only offers potential savings but also provides homeowners with peace of mind, knowing their property taxes are fair and accurate.
Median Marengo Tax Bill
$5,723
Median Mchenry County Tax Bill
$6,534
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Mchenry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $3,091 | $4,209 | $5,723 | $7,573 | $9,491 |
Source: Ownwell